As a landlord, you have the opportunity to earn a secondary source of income. Additionally, being a landlord could become your primary income source if you have multiple rental properties. While there are significant financial opportunities that come with owning rental properties, your investment is only as good as your ability to retain quality tenants.
Every landlord has heard horror stories about bad tenants. Some tenants virtually destroy the property and then leave you to fix it before you can fill the vacancy again. After all the hard work you’ve put into developing a great rental property, you may be wondering why you continue to get less than ideal tenants. We’re here to help you get the tenants you deserve. If you’d like to learn some ways to attract better tenants for your rental property, read our guide below.
Perform some local research before posting your listing
You should have a thorough understanding of what properties similar to yours are renting for in your area. Take note of local amenities and attractions, and if there’s anything that a renter might value, include that in your posting. Additionally, find out what the average salary is in your area. If you merely post a listing without conducting research, you may over- or under-value your property and target the wrong tenants, which leads us to the next point—your listing.
Post a top-notch listing
The biggest mistake landlords make is typically in their property listing. Your listing should be thorough. Of course, you’ll want to include general information like the square footage and number of bedrooms and bathrooms, but quality tenants want more than that. Your listing should also include important community information such as local dog parks and events or if your property is within walking distance of shopping or attractions.
The listing is your only opportunity to get a showing, so make sure potential tenants understand the value of your property. Also, don’t be the landlord that doesn’t disclose the price on the listing. Not only does that seem shady, but you’re also not being open about the value of your property. By including the price, you might deter some people from your property, but you’re looking for quality tenants who can afford to pay the rent.
Build a relationship with a professional cleaning service
Yes, you read that right. No one wants to move into a property that looks like it hasn’t had a deep cleaning in years. In addition to attracting tenants, there are several reasons why landlords should hire a cleaning service. To reiterate, you want to demonstrate the value of your property to potential tenants, and that includes maintaining a clean property. If it has a yard, you may want to consider developing a relationship with a landscaping company as well—unless you want to do the landscaping yourself, of course.
The simplest way to attract better tenants to your rental property is by taking care of the property and making it a place where someone wants to live. Additionally, you should be transparent, timely, and friendly because a lot of renters choose their property based on the landlord. You wouldn’t want to work with a difficult landlord, and neither do your tenants.